For those of you dreaming about or actively planning retirement in another country, The Motley Fool – a multi-media financial services company – offers great advice on where to retire abroad in 2016.

The best place to start your planning, of course, is myinternationaladventure.com where you can find loads of information about the most popular countries in the world and articles about moving to another country, living in your new home abroad and working, if you need some additional income.

The Motley Fool lists five countries that you may want to consider for retirement because of their low cost of living, natural beauty, culture and benevolent climate.

Panama is a very popular place for retirees. The country’s Pensionada Visa, which provides deep discounts on medical services, hospital bills, entertainment, restaurants, electricity bills and many other day-to-day living essentials, is a big plus for retirees. To qualify, you just need a lifetime pension of at least US$1,000 a month. Most Americans will qualify with their Social Security income.